Macroeconomic determinants of international health tourism revenues: The case of Turkey

This study analyzes the macroeconomic determinants of international health tourism revenues for the Turkish economy. Using a Markov Regime Switching Model, two different regimes regarding international health tourism revenue are defined, which results in changes in the tendencies of the explanatory variables. In this regard, the coefficients of the explanatory variables are in line with expectations during the period when the high regime dominates. It is determined that, in the case of a high international health tourism revenue regime, the value of the national currency and the relative price level are the most important macroeconomic indicators.